Today (on January 31st), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: Chicago soybeans last night pushed pass 1,000 cents mark, correspondingly, Dalian meal today continues to pick up, of which domestic soybean meal spots edge high tracking futures, yet turnover is general on spots though it turns good upon lower forward basis. Coastal soybean meal prices range from 2,870 to 2,920 yuan/tonne, a rise of 10-20 yuan/tonne with futures against yesterday (Tianjin prices 2,920 yuan/tonne, Shandong 2,880-2,920 yuan/tonne, Jiangsu 2,840-2,860 yuan/tonne, Dongguan 2,850-2,880 yuan/tonne, Guangxi 2,870-2,880 yuan/tonne). US soybeans go strong as soybean production falls below 52 Mln tonnes in market expectation, far lower than 56 Mln tonnes in USDA estimates, affected by drier and drier Argentine weather. That soybean meal is fueled to rise marginally amid processors’ support in view of sluggish soybean oil. Whereas, price upside of soybean meal spots is somewhat capped seeing that stocks grow to 960,000 tonnes by 46% on a year-on-year basis in light of profitable crush margins and high operating rate. Buyers may as well maintain safe inventory levels instead of chasing high and buy in in batches when forward basis is low. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal rise, among which prices in coastal areas stand at 2,280-2,320 yuan/tonne, rising 10 yuan/tonne (Guangxi offers 2,280 yuan/tonne; Guangdong 2,300 yuan/tonne, up 10 yuan/tonne; Fujian 2,320 yuan/tonne, up 10 yuan/tonne). Rapeseed meal stocks in South China are still higher than the figure the same period last year. Turnover of rapeseed meal is rather poor under the impact of other meal in times of off-time aquaculture, and what is worse, soybean meal stocks keep accumulating in the wake of impressive soybean crush, therefore under such pressure, rapeseed meal in a short term may go weaker and lower in volatile sessions. Buyers may as well take a hand-to-mouth purchasing strategy for the moment. 

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet bargaining is confined to ranges and shipments at ports are light. Northern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 13,000-13,200 yuan/tonne; 13,700-13,900 yuan/tonne for Japanese SD with 67% protein content; 14,000-14,200 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,900 yuan/tonne; 13,700 yuan/tonne for Japanese SD with 67% protein content; 14,000 yuan/tonne for super steam fishmeal with 68% protein content. Fishing: till January 29th, no fish has been caught in southern Peru in B season of year 2018; fishing quota for this season is 530,000 tonnes, among which 535,000 tonnes remain unfinished. Spots offers (FOB) in the outer remain stable, in detail, the fishmeal offer for ordinary SD with 65% protein content in Peru stays at USD $1,820 per tonne, USD $1,980 per tonne for super steam fishmeal with 68% protein content; the offer in Chile ordinary SD with 65% protein content is USD $1,850 per tonne, USD $1,980 per tonne for excellent fishmeal with 68% protein content. Deficient fishmeal supplies in China’s market and its stable performance in the outer uplift fishmeal holders?bullish sentiment, in this case, fishmeal in a shorter term will remain stable in market. 

    Daily review on soybeans: due to a strict investigation by State Commodity Inspection Department, soybeans at ports fail to be quoted, of which prices of imported soybeans for distribution remain unquoted at Qingdao and Rizhao ports. And in expectations, that will continue in the run-up to Lunar New Year. Imported soybeans for distribution are markedly restricted in food-grade products circulation, and in consideration of ample domestic soybean supply and large soybean arrivals, market players are not optimistic about its performance later. Attention should still be paid to port inspections and soybean arrivals. 

    Daily review on oils: market concerns over Argentine soybean production again prevail as dry weather continues in Argentine main farming areas, notably, Chicago soybeans last night climbed over 1,000 cents in main contracts, followed by buoyant soybean meal and oils. Accordingly, Dalian oils today continue to pare gains from former settlement, but still run above former closing, among which some domestic soybean oil spots fall marginally and palm oil vibrates in a tight range, indeed, turnover is not much. Continuous dryness in Argentina and rains in Brazil have caused market concerns, consequently, US soybeans break through USD $10 mark and are estimated to be around this level with a strong momentum. But on the other side, in view of large soybean arrivals and good crush margins, weekly crush will probably reach 2 Mln tonnes the time stockpiling comes to an end with markedly less demand in end users. On this very note, oil spots are probably subject to frequent vibrations tracking futures and run weaker and lower before Lunar New Year amid burdensome oil glut, thereby buyers had better maintain a light inventory level. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,580-5,700 yuan/tonne, some down 10-20 yuan/tonne (Tianjin traders offer 5,630-5,640 yuan/tonne, Rizhao traders 5,590 yuan/tonne, Zhangjiagang traders 5,700 yuan/tonne, Guangzhou traders 5,580-5,600 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,100 to 5,240 yuan/tonne, part of which fluctuate 10-20 yuan/tonne (Tianjin traders offer 5,210-5,220 yuan/tonne, up 10 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,240 yuan/tonne, down 20 yuan/tonne; Guangzhou traders 5,100 yuan/tonne; Xiamen traders 5,170-5,180 yuan/tonne, down 20 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are basically stable amid some falls, among which main prices in coastal areas stay at 6,270-6,490 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi offers 1805-80; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Dongguan, Guangdong 1,805-160). Rapeseed oil supplies in a shorter term will keep accumulating as four times of dumping have been conducted by State Reserves Bureau. Inventory consumption is under way in market, while its demand is hard to be great in consideration of relatively large stocks of soybean oil and palm oil and expanded price gap between soybean oil and rapeseed oils. Shorter term, rapeseed oil may vibrate frequently with futures amid poor consumption when a build up in small-packing oils draws to an end and. 

    Daily review on corn: today, prices for most domestic corn remain stable, some fluctuating in a tight range. Corn buying prices in Shandong deep processors mostly stay at 1,840-1,970 yuan/tonne, some changing on a small range, by contrast, purchasing prices in the northeast stand at 1,640-1,720 yuan/tonne, some down 6-10 yuan/tonne from yesterday. While the purchasing prices offered at Jinzhou port, Liaoning stand at 1,810-1,820 yuan/tonne, down 5 yuan/tonne upon the highest price from yesterday. Drying new corn of Liaoning and Jilin (moisture ≤15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,800-1,810 yuan/tonne, being flat. Corn spot prices at Shekou port, Guangdong stay at 1,900-1,910 yuan/tonne, being flat over yesterday. Dampened by continuous corn auction in northeast, traders are now inclined to make more shipments, while on the other side, there is not much buying interest for stockpiling since corn supplies pile up in businesses, in that corn buying prices in these days are seen edging lower. What’s worse, corn demand becomes poorer and poorer the time most large feed sectors stop building up their inventories. Yet, there is still an incentive for farmers to hold out for higher prices in consideration of deficient grain surplus in main corn belt, and corn supplies in market is still tight for extreme weather in these days paralyzes logistics and transportation and corn demand remain robust in some medium and small businesses when Chinese Lunar New Year is approaching. Overall, corn spot prices may go high and vibrate in a tight range ahead of Spring Festival. 

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,860-1,960 yuan/tonne at main ports (Tianjin offers 1,950-1,960 yuan/tonne; Nantong 1,870-1,880 yuan/tonne; Shanghai 1,860-1,870 yuan/tonne; Guangdong 1,870-1,880 yuan/tonne). Meantime prices for most imported barley keep stable which stay at 1,720-1,810 yuan/tonne at main ports (Tianjin has not reported yet; Nantong 1,800-1,810 yuan/tonne; Shekou port in Guangdong 1,720-1,770 yuan/tonne). Sorghum is estimated to arrive at ports in East China and South China before Chinese Lunar New Year, which may therefore ease supply tension, additionally, there is an incentive for importers to make more shipment--sorghum transaction prices at ports in these days are seen lower--and for farmers to sell goods in consideration of enlarged policy risks in corn market. Whereas, import costs remain high as CNF in US prices up in recent days, and importers are inclined to higher prices for goods at hand in fear of unavailable supply of lower costs. Given that, with long and short positions mixed, sorghum and barley at ports in the run-up to Spring Festival holidays continue to pare gains steadily in a tight range. Market players can wait for new information for guidance.